Adding stucco over existing cement basement walls (outside)

I'm thinking about putting up foam insulation board around the outside basement walls, and finishing it off with a stucco like material to hide the insulation board. Can the insulation boards be glued directly onto the cement brick, and is this a good idea? It seems like it should be a good weekend project. What type of product works the best, as far as waterproofing, and sticking to the foam board. I watched a work crew do most of a building in a day, but I didn't get a chance to see what they were doing close up. It looked like pink foam board, with a type of cement applied over it...
Steve
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Sorry about tacking on to your thread, but I'm considering putting a new finish coat on the ols stucco walls of my house. I'm curious if anyone has done this and what problems you may have had to deal with. Thanks Rob

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